West Harbor, the redevelopment of the San Pedro waterfront, is now under construction, with construction financing from Parkview Financial and other sources.
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Parkview Financial provided the joint venture between The Ratkovich Co. and Jerico Development with a $35M senior construction loan for the 42-acre project. It also received $55M of Commercial Property Assessed Clean Energy, or C-PACE, financing and $65M of investor equity.
SALES
A 14K SF South Robertson office property sold for $6M to a nonprofit. Two adjacent land parcels were included in the sale. Kidder Mathews’ Tanel Harunzade, Darrell Levonian, Brittney McCarthy and Michael Daniels represented the seller, a private LLC.
LEASES
Luminate Data signed a 14K SF sublease at 5670 Wilshire Blvd. The company will use the space as its new office. JLL’s Gabe Brown represented the sublessor. Luminate Data was represented by Richard Abbitt and Ryan Shuler of Industry Partners.
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THIS AND THAT
Prologis has added two electric truck charging installations as part of its Prologis Mobility platform at sites in Commerce and Santa Fe Springs. With these charging sites operational, national logistics company Performance Team can charge up to 38 of its Volvo VNR Electric Class 8 battery-electric trucks at the same time.
FINANCING
Universe Holdings secured a $10.75M refinance on its Chateau Spring Terrace apartment building in La Mesa, California. JLL Capital Markets arranged the refinance through Mechanics Bank. The JLL Capital Markets Debt Advisory team on the transaction included Senior Managing Director Charles Halladay, Director Jonah Aelyon, analyst Jolie Zhou and analyst Elle Miraglia.
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A ground-up office project in Marina del Rey received $117M in construction financing. CBRE’s Greg Grant facilitated the financing for the 151K SF project’s owner, The Bradmore Group. Grant paired two undisclosed institutional lenders to execute the financing through a senior loan with subordinate mezzanine debt.
